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This is the end of the crisis!!!no forclo, no decline!

victorchaivictorchai
edited September 2008 in Seattle Real Estate
http://www.hud.gov/offices/cpd/communit ... orhoodspg/
HUD's new Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.The program is authorized under Title III of the Housing and Economic Recovery Act of 2008.

almost 30M to Washington...

Comments

  • MarkorMarkor
    Sounds more like buyers will get houses that are better for the money; that $30M is effectively being distributed to the final buyers. It's also a drop in the bucket. The supply/demand picture isn't changing in the long run.
  • TejasTejas
    $30 M for the State? That is 150 houses at $200k each (1/2 book value ? ) over the entire state....

    :?

    Drop in the bucket indeed.
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